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Your Money or Your Life chapter 1 Your Money or Your Life, meaning Your Money or Your Life, genre Your Money or Your Life, book cover Your Money or Your Life, flies Your Money or Your Life, Your Money or Your Life 984ca82216018 In Times Like These, It S Important Than Ever To Know The Difference Between Making A Living And Making A Life Your Money Or Your Life Is Even Relevant Today Than It Was When The Book First Hit The Stands, And A Great Publicity Campaign Will Bring This Already Strong Selling Book To A Whole New Audience

10 thoughts on “Your Money or Your Life

  1. says:

    I could and will read and re read this book, not for its literary value but for its simple explanations of concrete ways to observe your own connection with the material world Whether or not you fully practice its program, it is the sanest and most convincing account of the importance of financial savvy for those of us who proclaimed, Money and fancy material things don t matter to me so why should I try to manage my finances Its message from ten years ago rings truer today than it did now, and I think my own generation will even appreciate its message I m not a big self help book reader Yet, just the act of seriously studying this book and hence becoming intentional with my finances has relieved me of debt, anxiety about money, made me in touch with what is really valuable and joyful to me, and inspired me to look toward a career as a financial counselor I would recommend this book to all my friends for it surely has lessons for everyone

  2. says:

    YMYL was recommended to me by a friend, who gave up her stable teaching position to run a used bookstore after reading this book This was my first foray into the self help genre The prose is laughably hokey at the most inopportune times, but the message is worth slogging through the mantras and the affirmations Plus, the nine step program actually works, if you re willing to commit to it I started out, skeptical, with a step I thought I could stick to keeping track of my spending, and became curious about the rest of my financial health from there By the time, a year and a half later, I faced the last maudlin step calculating how much time you have left in your life , I found it so thoroughly shocking in my case, less than half a million hours based on average life expectancy that I realized staying in a job that made me miserable wasn t worth it, so I quit I guess, in that sense, this book delivers on its hokey promise to change your life.

  3. says:

    I m kind of squeamish about the 5 stars I m giving this, because I don t think this is a well written book The tone is nearly unbearable at times think of the most stereotypical motivational speaker you ve ever heard However, the ideas in this book are impressive, and I find myself thinking about them, rather against my will, even 3 years after having read the book Part of my struggle with this book is that I actually love my work, so trying to hurry up and earn my money so that I can retire just isn t that appealing However, there s a cycle of spending that I can get hooked into, where I m blowing hundreds of dollars in 3 5 dollar increments Reading this book helped me interrupt that cycle Not that I don t still go there, mind you I just have some alternatives now for getting out of it.

  4. says:

    Reader beware the contents of this book might just shake the foundations of your lifeit did for me Easily the most lucid, insightful, and valuable book I ve read on money Probably because when it comes down to it, the book is not really about money It s about what we re trading our life energy for The book had such a spiritual component to it, that I was tempted to add it to my Buddhism bookshelf.One thing I gained from the book was an incentive to organize our finances from a total net worth perspective, not just budgeting from paycheck to paycheck Also charting income vs expenses I ve found that mint.com is a very effective site for accomplishing the goals the book lays out.The book makes a strong case for not identifying your definition of yourself with your job For me personally, this was probably the greatest single insight the book provided It made me realize how much I ve done just that As the author says, who you are is far greater than what you do for money, and your true work is far greater than your paid employment I thought this was a pretty powerful quote Indeed, in terms of sheer hours, we may be wedded to our jobs than our mates The vows for better for worse, richer or poorer, in sickness and health and often until death do us part may be better applied to our jobs than our wives and husband I suppose my only gripe with the book is the utopia of financial independence it paints where a person is able to live off the interest from their investments Although they make it sound like such a future can be right around the corner, as someone with a pretty substantial amount of student debt, I ran some numbers, and barring an unforeseen windfall, that possibility is a loooong way off for us But even aside from the focus on the financial equivalent of enlightenment, there is so much wisdom in this book, both practical and philosophical, that I would recommend it to anyone.

  5. says:

    This book s most popular review is surprisingly negative 3 5 stars I agree with the 5 star Goodreads evangelists That said, I have a few qualms with the book It s dated and frequently redundant Like most personal finance books, it s full of suspicious stories The Epilogue summarizes in 9 pages what has been beaten to death in the previous 327 At one point, the author talks about being financially secure whether the Dow is under 1000 or above 4000 When the book was copyrighted in 1992, 1000 was a crash and 4000 was ambitious As of 1 16 2015, the Dow stands at 17,511.57, up about 450% since 1992 so the book s stock market wariness is exaggerated Also, its advice to buy long term US treasury bonds is terrible The present interest rates on those bonds is pathetic 2.69% on a 30 year bond Read in 2015, Chapter 9, which describes 6% US treasury bonds, reads like a quaint historical document.The other chapters, though they occasionally make redundant arguments, are valuable In essence, the book advocates extreme thrift in an effort to get off the consumerist treadmill The goal is to live modestly and be time rich, rather than to live large and be time poor It makes the compelling case that to always want something better is a recipe for perpetual unhappiness To quote Lao Tzu, He who knows he has enough is rich The book is sort of like an early 90s version of Mr Money Mustache, who actually posted an excellent review of the book Your Money or Your Life proposes a nine step program Step 1 Tally up all the money you ever made, look around you and see what you have to show for it.This is sort of dispiriting step because you don t have anything to show for paying the rent 2 Recalculate your salary to show how much life energy is devoted to your job Track every cent you spend.This is a useful step showing how commuting time and money , buying work clothes, and eating out add to the cost of working for a living It s also helpful in showing where all the money goes 3 Tabulate your findings Show spending in terms of life energy spent.An illuminating step.4 Did you like what you bought The book uses the phrase gazingus pin as a term for something you enjoy buying, but don t need.My gazingus pins are Legos and DVDs Who knows how many unopened cheap DVDs I ve bought Your Money or Your Life would argue DVDs you don t open aren t worth your life energy You only have a finite amount of time on the planet 5 Make a large line graph with your findings so you can t deny your income and your expenses.6 Value your life energy, minimize spending As Elizabeth Warren observed in The Two Income Trap, this is easier said than done.7 Value your life energy, maximize income I suspect this step is easier said than done as well 8 This step covers Capital and the crossover point when does your money start earning than your job 9 What to do with your money outdated advice about how great US treasury bonds are.To a certain extent, I enjoy savings than spending so Your Money or Your Life is preaching to the converted for me I think cost tracking is essential when it comes to saving money and that Target and the mall are about the worst places on earth to pass time.However, kids throw a thought provoking monkey wrench into Your Money or Your Life s strategies When you talk about extreme thrift, surely you can put art classes, play, basketball, Little League, mini soccer, ice skating, and skiing on the chopping block However, you only live once In that life, how do you balance fun with saving How much should you sacrifice for your children One of the few child related anecdotes in Your Money or Your Life involves a man whose parents paid for his college, but decides his kids are on their own With dilemmas like that, you get into the thorny question of values What do you want your kids to expect out of life At the same time, as a parent, it s your life too.With that in mind, I ve heard MMM s and Your Money or Your Life s strategies derided as Live like you re poor now so you can live like your poor later There s the rub Your Money or Life notes that you only live once, you don t want to spend your life working a job you hate to buy stuff you don t need But you could also say you only live once, you don t want to live like a pauper and die with 1 million in the bank How you strike that balance depends on your goals and values.

  6. says:

    I read this book in my early 20s when I had zero money and zero idea what to do with any if I had it and it blew my mind 15 years later I am retreading it and find it just as compelling Guides you gently, gingerly into reevaluating you preconceived notions about money, how much is enough, and whether you really want to work in a conventional job track for 30 years hint if you don t, there are other options The basic idea is that every day you go to work you are choosing to trade your precious, limited life energy for money So if you are spending it unconsciously on crap you aren t fully enjoying or a bigger house car than you really need then you are effectively trading away hours of your life If you love your job and you love accumulating stuff, then great But if you dream of doing other things with your life than staring at your monitor at work, or even if you love your job but would do it differently if money weren t an issue, this book is for you Cornily written but the sincerity of the writers and value of the message supersede that 10 times over.

  7. says:

    This is the first PersonalMBA reading list book I have read The information that I found most intersting and insightful was You have made a lot of money in your life, look around your home, go through your stuff what do you have to show for it The act of earning money is using your life energy, therefore money life energy Do you like what you are doing Could you be doing something you love and be happier if your finances were in order and you appreciated living in a state of enough When you buy something, buy high quality and take care of it to prolong its life Fix your stuff, do it yourself, learn how to take care of your things so that you don t have to keep rebuying everytime something breaks Pay off your debts Live on less than you make Save money Keep building your savings so that one day, your capital earned on your savings can take the place of your work income than decide if you want to keep working or not Investing in index funds and treasury bonds Index funds focus on tracking the market and not on beating it Index funds are not managed by expensive managers and tend to have low fees By saving on fees as compared to mutual funds your money can grow faster and you can have money in the end.

  8. says:

    My book had 300 pages I took a month to read this bc I wanted to absorb the book and think about the lessons It keeps stating NO BLAME, NO SHAME which I really appreciate I used to be a I want this, I ll buy it kind of person I grew up with immigrant parents working so hard to get all 4 of their children ahead by hard work on their part Money seemed to be important than bonding Not a boohoo story just the truth I appreciate my parents hard work and love them but I also grew up with their habits and views on money I have had to reprogram my brain and do different for my kids without depriving us of anything Just looking at things differently This book has made me look at advertising and joy differently I see that my buying things just bc I can I am using my husbands life energy into the equation and ruining the planet at the same time He will soon be forty and the way he works he has just over 300,000 hours left to live It just helps put our lives into a different prospective We aren t big spenders but we each have our little habits.The book isn t about budgeting It is about getting satisfaction out of life A question the authors keep posing is. If you knew you were going to die next year how would you spend that time I m keeping this book to read and reread just to keep reminding myself to follow the steps and know I don t need extra clutter to worry about I don t want to keep up with the Kardashian s I want financial freedom and to save money, not be a penny pincher and deny myself things I need Such an eye opener and lots of facts Not a get rich quick scheming or invest in this or that kind of book I would recommend it to people that see money is not happiness It is just a means to pay the bills or be in a big amount of debt Western culture is too materialist and looked down upon if one doesn t have the latest gadget or a mortgage with a car payment you cannot afford I really appreciated the advice and POV of the 2 authors.

  9. says:

    The unexamined life is not worth living for a human being SocratesThis book is very challenging In the sense that it is actively challenging the reader to basically change her entire life It s not the typical finance book that gives tips and tricks, and you can pick among them for those that are easy to work into your life you know the drill cancel cable done what kind of wastrel pays for cable move somewhere cheaper let s not get too crazy, I love this neighborhood This book tells you to track what you re spending, not to find easy things to cut out, but to ask yourself, about every purchase was this worth what I paid for it, in terms of the life energy it takes me to earn that amount of money Is this purchase aligned with my values What is the effect of this purchase upon the environment Earth And even as I tell myself Of course This is how you re supposed to live your life , I m intimidated by the effort required and, full disclosure, afraid of what I might learn about myself were I to do it.I m not sure I m ready to implement this system in my life, but I have a very strong suspicion that this is a book I ll return to in five years, decide to finally implement, and then five years after that hate my current self for not implementing it the first time I read it life energy is the underpinning idea of the book, and you figure it out by calculating your real wage factoring in the amount of time you actually spend to have your job commute, unrecorded hours, time it takes you to wind down after work, etc , and the amount of money you have to spend to have the job as well commute costs, wardrobe, professional fees, therapy, etc.

  10. says:

    3 stars for the audiobook, but I m holding my review until I can get a physical copy because people have told me they re much different experiences and the content is in the physical copy.

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